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在简单回顾中国国债期货试点经历及其失败深层原因的基础上 ,本文以金融发展与金融功能理论为主线 ,从金融深化视角出发对国债期货的产生及其经济效应做了一些分析。我们认为作为市场完全化过程的必然产物 ,金融衍生产品不仅本质上是“风险中性”的 ,而且也成为了企业、居民风险管理的重要手段。其风险主要是主体使用动机异化所致。最后 ,对当前在中国重新恢复国债期货试点的迫切性与必要性进行了分析 ,指出国债期货的重新恢复对于当前中国金融体制改革的深化可能是具有深远意义的重要步骤之一
Based on a brief review of the experiences of China’s national debt futures and the underlying causes of its failure, this paper takes the theory of financial development and financial functions as the main line, and analyzes the generation of the national debt futures and its economic effects from the perspective of financial deepening. In our opinion, as an inevitable result of the process of market completeness, financial derivative products are not only “risk-neutral” in nature, but also become an important means of risk management for enterprises and residents. The main risk is the use of motives due to alienation. Finally, it analyzes the urgency and necessity of the current pilot project to reinstate bond futures in China, and points out that the reinstatement of bond futures may be one of the important steps with far-reaching significance for the deepening of China’s current financial system reform.